Sector breakdown

04
Consumer Discretionary 4.6%
Other/Unmapped 95.4%

Full portfolio 15 positions

05
Type Streak 8Q trend
QUAL iShares Trust $90,418,326 30.09% 412,060 $25,713,908 Up ×1
QQQ Invesco QQQ Trust, Series 1 $51,469,205 17.13% 69,893 $17,734,188 Up ×1
BIL SPDR SERIES TRUST $28,161,705 9.37% 307,308 $-32,165,090 Down ×2
IQLT iShares Trust $26,134,404 8.70% 527,435 $-12,982,325 Down ×2
XLP XLP $19,241,670 6.40% 231,632 $8,636,081 Up ×3
XLV SELECT SECTOR SPDR TRUST $14,815,353 4.93% 93,378 Up ×1
VTV Vanguard Morningstar Value ETF $14,693,059 4.89% 67,421 $8,979,519 Up ×1
SMH SMH $13,730,401 4.57% 20,934 $-6,640,791 Down ×1
EFV iShares Trust $12,731,643 4.24% 166,318 $-7,934,980 Down ×2
PWRD TCW Transform Systems ETF $6,725,174 2.24% 54,694 $-1,604,391 Down ×2
XLU XLU $6,264,446 2.08% 138,166 $3,375,441 Up ×1
EWU iShares MSCI United Kingdom ETF $5,595,629 1.86% 121,275 $127,017 Up ×1
GDX VanEck Gold Miners ETF $4,620,483 1.54% 61,239 $-999,420
EWY iShares MSCI South Korea ETF $3,042,835 1.01% 15,071 $-2,684,142 Down ×1
COPX Global X Funds $2,849,275 0.95% 37,018 $22,951

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
XLP $19,241,670 6.40% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
XLV $14,815,353 93,378 4.93%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
BIL Trimmed -351K -$32.2M
QUAL Bought more +75K +$25.7M
QQQ Bought more +11K +$17.7M
IQLT Trimmed -319K -$13.0M
VTV Bought more +38K +$9.0M
XLP Bought more +102K +$8.6M
EFV Trimmed -112K -$7.9M
SMH Trimmed -32K -$6.6M
XLU Bought more +75K +$3.4M
EWY Trimmed -31K -$2.7M

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
IGV June 30, 2025 87,696 $7,804,067 0.2%
EWJ June 30, 2025 58,649 $4,020,975 32.5%
EWZ March 31, 2026 100,479 $3,192,218